Merrill 3Q loss widens on mortgage-related charges (AP)

AP - Merrill Lynch says it third-quarter loss widened as it took more than $12 billion in charges from the sale of mortgage-related investments and fallout from the continued credit crisis. Read more…

Bailout bill, once 3 pages, swells in length (AP)

27.09.2008 02:31 Finance

A week ago, it totaled just three pages — the White House's request for $700 billion to rescue tottering financial institutions by buying their devalued mortgage-related assets.

By Monday, after an intense weekend of negotiations, the draft of the bailout legislation before Congress had swelled to 42 pages.

By Friday, after almost a week of marathon talks between Treasury Secretary Henry Paulson and key lawmakers in both parties, the working version was up to 102 pages.

It likely will grow even longer as negotiators continue to tweak the proposal this weekend, adding and subtracting key elements.

Rep. Barney Frank, D-Mass., the House Financial Services Committee's chairman, was optimistic Friday that a final agreement could be reached by Sunday.

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